GBPJPY: Tale of the Dragon...written by Mrs. Brexit

As we have mentioned in our latest forecast, Cup and Handle formation started to work after the pair broke the neckline at 145.700. - Pls see attached idea -


At 146.680, we have published a shorter term trade idea based on Bearish Black Swan Harmonic pattern on our website for the members. We have reached the first target.

What’s Next?

It’s all about Brexit … Are the markets convinced… and how much…

Our focus will be the broken neckline of the CwH pattern – 145.700 –

If Dragon makes daily closing above the neckline, the next target will be 148.600 where we see a potential bearish Butterfly Harmonic pattern which can be used for a short opportunity.

The real bullish move will start after the breakout of 148.800 and the targets of the pair will be 151.000, 152,800 and 154.000.

If Dragon fails to close above 145.700, 143.300 can be tested.